Sec. 1086.160. SPENDING AND INVESTMENT RESTRICTIONS. (a) Except as provided by Sections 1086.111, 1086.201, 1086.204, and 1086.205, the district may not incur a debt payable from district revenue other than the revenue on hand or to be on hand in the current and immediately following district fiscal years.
(b) The board may invest operating, depreciation, or building reserves only in funds or securities specified by Chapter 2256, Government Code.
Added by Acts 2011, 82nd Leg., R.S., Ch. 70 (S.B. 1147), Sec. 1.01, eff. April 1, 2013.
Last modified: September 28, 2016